AGFTC president Bharat Sheth said several tax professionals and chartered accountants, have been infected, due to which staff and articles assistants are not able to regularly attend office.
He said the Central Board of Direct Taxes (CBDT) recently made certain changes related to tax audit reports.The All Gujarat Federation of Tax Consultants (AGFTC), the apex regional body of advocates, chartered accountants and tax practitioners in Gujarat has demanded an extension to file tax audit reports and income tax returns for accounting year 2020-21, in the wake of the Covid-19 pandemic.
In a representation to the ministry of finance, AGFTC said, “Due to Covid-19 scare, many business houses in Gujarat as well as across the country are still working with lower capacity and limited manpower. Unexpected fallout of pandemic and continuous lockdowns have not only affected businesses adversely but, on an individual level, there has also been pain of loneliness, illness, fatigue, mental and emotional stress for many victims of the virus and their families,” it said in the representation.
AGFTC president Bharat Sheth said several tax professionals and chartered accountants, have been infected, due to which staff and articles assistants are not able to regularly attend office.
“Till date we don’t have any idea about when these days will be over and we will be allowed to function normally. Though government has remained proactive by extending various statutory due dates for different compliances under various laws. The statutory dates for filing of return of income for various categories of assessees are extended to November 30, 2020. However, the due date of filing Tax Audit Report for assessees, whose accounts are required to be audited, is extended just for one month [September 30 to October 31],” Sheth said.
He said the Central Board of Direct Taxes (CBDT) recently made certain changes related to tax audit reports. Under this, the tax auditor is also tasked to furnish the opinion on certain interpretational issues involving detailed verification, compilation of voluminous data and in particular, relating to reporting in adjustment of WDV of assets and carry forward of losses chart. In such a situation it is extremely difficult to meet the deadline set by CBDT, Sheth said.
The AGFTC has also sent a copy of the representation to Finance Minister Nirmala Sitharaman.
Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.
